声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，中移（成都）信息通信科技有限公司、中国移动通信集团有限公司取得一项 名为"一种图像去重方法、装置及存储介质"的专利，授权公告号CN116246189B，申请日期为2021年12 月。 天眼查资料显示，中移（成都）信息通信科技有限公司，成立于2018年，位于成都市，是一家以从事软 件和信息技术服务业为主的企业。企业注册资本200000万人民币。通过天眼查大数据分析，中移（成 都）信息通信科技有限公司参与招投标项目2495次，财产线索方面有商标信息260条，专利信息857条， 此外企业还拥有行政许可6个。 中国移动通信集团有限公司，成立于1999年，位于北京市，是一家以从事电信、广播电视和卫星传输服 务为主的企业。企业注册资本30000000万人民币。通过天眼查大数据分析，中国移动通信集团有限公司 共对外投资了55家企业，参与招投标项目5000次，财产线索方面有商标信息2206条，专利信息5000条， 此外企业还拥有行政许可50个。 ...

分析师：张刚 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -15% -8% -2% 5% 12% 18% 25% 31% 2025.02 2025.06 2025.10 2026.02 上证指数 深证成指 登记编码：S0730511010001 证券研究报告-晨会聚焦 发布日期：2026 年 02 月 24 日 【财经要闻】 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,082.07 | -1.26 | | 深证成指 | | 14,100.19 | -1.28 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,660.41 | -1.25 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,556.33 | -1.38 | ...

Group 1: Company Performance - China Mobile plans to disclose its full-year performance report for 2025 on March 20, 2026, with market attention on revenue growth, net profit, 5G user penetration rate, and capital expenditure [1] Group 2: Fund Flows - Historical data shows that China Mobile is a key target for southbound funds, with a net inflow of 241 million HKD over three consecutive days in November 2025 through the Hong Kong Stock Connect [2] Group 3: Industry Policy and Environment - As a high-dividend blue-chip stock, China Mobile's defensive nature may attract attention in a volatile market, with public fund issuance accelerating in January 2026 and institutions favoring undervalued, high-dividend assets [3] - The Shanghai and Shenzhen Stock Exchanges optimized refinancing measures in February 2026 to support quality enterprises, indirectly affecting market liquidity and blue-chip stock valuations, while also highlighting the importance of domestic digital economy policies and 6G research and development for the long-term growth of the telecommunications industry [4]

Investment Rating - Industry rating: Recommended [5] Core Insights - The recent surge in China's AI models during the "Spring Festival" has shifted the focus from general chat tools to vertical productivity tools and real agent implementations, particularly in industrial video generation and engineering-level programming [1][13] - Major players like ByteDance, Alibaba, and Zhipu AI are leading the market, with competition now centered on efficiency, cost control, and scene adaptation rather than just parameter scale [1][13] - The demand for computing power is expected to boost hardware and computing rental markets, benefiting companies involved in computing leasing and third-party data centers [2][14] Summary by Sections Section 1: AI Model Developments - Multiple flagship models were released during the Spring Festival, enhancing capabilities in video and programming applications, with significant improvements in quality and efficiency [7][13] - ByteDance's Seedance 2.0 model supports multi-modal input and has shown substantial advancements in generating complex interactions and maintaining physical accuracy [8][9] - Alibaba's Qwen3.5-Plus model has achieved breakthroughs in multi-modal capabilities and cost efficiency, making it competitive with leading models globally [10][11] Section 2: Market Outlook - The current market is experiencing liquidity concerns and changing capital expenditure expectations from overseas players like OpenAI, leading to a cautious outlook for the AI sector [3][15] - The AI development phase is seen as a critical acceleration period, with increasing demand for token usage and ongoing expansion of foundational computing infrastructure [3][15] Section 3: Recommended Investment Targets - Key investment opportunities include companies in computing and communication infrastructure, such as China Mobile, China Telecom, and third-party data center firms like Huohuan New Network and Data Port [15][17] - The report highlights the potential of low-orbit satellite components and chip suppliers in the commercial aerospace sector [3][15] - Recommendations also extend to edge computing firms and those involved in satellite internet and low-altitude economy sectors [17][19]

根据国家统计局数据显示：2025年12月中国移动通信基站设备产量为60.9万射频模块，同比下降2.9%； 2025年1-12月中国移动通信基站设备累计产量为536.4万射频模块，累计增长13.5%。 上市企业：中兴通讯（000063）,大唐电信（600198）,信科移动（688387）,烽火通信（600498）,盛路通 信（002446）,*ST日海（002313）,超讯通信（603322） 相关报告：智研咨询发布的《2026-2032年中国通信设备行业市场行情监测及发展趋向研判报告》 2020-2025年中国移动通信基站设备产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Group 1 - The top three companies by Hong Kong Stock Connect holding ratio are Haotian International Investment (71.36%), China Telecom (71.32%), and Green Power Environmental (68.88%) [1][2] - Tencent Holdings, Xiaomi Group-W, and Meituan-W have seen the largest increases in holding amounts over the last five trading days, with increases of +1.391 billion, +983 million, and +931 million respectively [1][2] - The companies with the largest decreases in holding amounts over the last five trading days include WuXi Biologics (-481 million), Zijin Mining (-447 million), and Southern Hengsheng Technology (-344 million) [1][4] Group 2 - The latest holding ratios for the top 20 companies in Hong Kong Stock Connect show Haotian International Investment with 7.919 billion shares, China Telecom with 9.900 billion shares, and Green Power Environmental with 0.279 billion shares [2] - The top 10 companies with the largest increases in holding amounts over the last five trading days include China Petroleum & Chemical Corporation (+315 million) and Zhaoyi Innovation (+309 million) [2][4] - The top 10 companies with the largest decreases in holding amounts include Pop Mart (-294 million) and SenseTime-W (-277 million) [4]

在A股市场，现金流才是企业的真本事。在衡量企业盈利质量的指标中，经营性现金流尤为关键，它直 接反映公司主营业务的"造血"功能。 据统计，2025年前三季度，A股上市公司（不含银行和非银金融行业）经营活动产生的现金流量净额总 额为3.61万亿元，较上年同期增长16.98%，代表A股上市公司获现能力明显增强。 统计显示，63家上市公司2025年前三季度经营性现金流超过100亿元，其中中国石油、中国海油、中国 移动、中国石化居前，均超过1000亿元。从行业来看，经营性现金流超百亿元公司集中在公用事业（主 要包括电力细分行业）、石油石化、交通运输、汽车行业。 | 代码 | 简称 | 2025年三季报 经营性现金流 | 行业 | | --- | --- | --- | --- | | | | (亿元) | | | 601857 | 中国石油 | 3431.00 | 石油石化 | | 600938 | 與炭圖母 | 1717.49 | 石油石化 | | 600941 | 中国移动 | 1610.47 | 通信 | | 600028 | 中国石化 | 1147.82 | 石油石化 | | 601728 | 中国电信 | 8 ...

Core Insights - The report highlights that the development of China's database industry is driven by national-level policies and technological innovations such as cloud-native and AI, transitioning from a "supporting system" to an "intelligent data foundation" [1][8][9] Industry Overview - The Chinese database market is projected to reach a scale of 59.62 billion yuan in 2024, with a compound annual growth rate (CAGR) of 17.2% from 2020 to 2030 [1][25] - The market structure is characterized by a dominance of relational databases, which will continue to hold a significant share, while non-relational databases are diversifying to meet emerging scenarios [1][29] Market Dynamics - By 2025, the market share of domestic databases is expected to rise to 71%, particularly in sectors like government and telecommunications, although penetration in core business systems remains low [2] - The competition landscape features diverse participants, with open-source communities becoming central to technological innovation, exemplified by the rise of domestic open-source projects like openGauss [1][49] Technological Trends - The integration of cloud-native architecture, AI, and hybrid transaction/analytical processing (HTAP) is shaping the future of database technology, moving from structured management to comprehensive data management [2][18] - Domestic vendors are achieving self-innovation in core modules such as storage engines and distributed transactions, although gaps remain in high-end capabilities compared to international firms [1][2] Challenges in Development - The industry faces challenges including the need for breakthroughs in core capabilities, fragmented resource allocation, significant application migration resistance, and an incomplete ecosystem [2][12] - The report suggests enhancing core technology innovation, deepening the integration of technology and application scenarios, and improving talent cultivation systems [2][12] Future Development Recommendations - Strengthening core technology innovation and promoting collaboration in building an industrial ecosystem are recommended to ensure high-quality development [2][12] - The report emphasizes the importance of international cooperation and participation in international standard-setting to expand overseas markets [2][12]

Core Insights - The production of mobile communication handsets (smartphones) in China is projected to decline, with a total output of 150 million units in December 2025, representing a year-on-year decrease of 9.5% [1] - Cumulatively, the total production for the year 2025 is expected to reach 1.54 billion units, which indicates a decline of 5.8% compared to the previous year [1] Industry Data - The data is sourced from the National Bureau of Statistics, indicating a significant trend in the mobile communication handset market in China [2] - The report highlights the ongoing challenges faced by the industry, as reflected in the declining production figures over the specified period [2]

Market Performance - The Hang Seng Index fell by 292.59 points, a decline of 1.1%, closing at 26,413.35 points [1] - The National Enterprises Index decreased by 110.76 points, closing at 8,959.56 points, a drop of 1.22% [1] - The Hang Seng Tech Index dropped by 156.02 points, closing at 5,211.5 points, a decline of 2.91% [1] Blue-Chip Stocks - Tencent Holdings decreased by 2.06%, closing at 522 HKD [1] - Hong Kong Exchanges and Clearing fell by 0.24%, closing at 407.8 HKD [1] - China Mobile increased by 0.13%, closing at 78.5 HKD [1] - HSBC Holdings rose by 0.07%, closing at 134.3 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings declined by 0.93%, closing at 46.8 HKD [1] - Sun Hung Kai Properties increased by 0.74%, closing at 135.7 HKD [1] - Henderson Land Development rose by 3%, closing at 33.68 HKD [1] Chinese Financial Stocks - Bank of China increased by 0.21%, closing at 4.67 HKD [1] - China Construction Bank rose by 0.37%, closing at 8.04 HKD [1] - Industrial and Commercial Bank of China increased by 0.16%, closing at 6.41 HKD [1] - Ping An Insurance decreased by 0.14%, closing at 70.55 HKD [1] - China Life Insurance fell by 0.47%, closing at 33.56 HKD [1] Oil and Petrochemical Stocks - Sinopec fell by 0.55%, closing at 5.41 HKD [1] - PetroChina increased by 3.7%, closing at 9.52 HKD [1] - CNOOC rose by 2.23%, closing at 25.7 HKD [1]